Sri Lankan bourse dips on earning woes after fuel price hike

sriranga

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COLOMBO, Dec 17 (Reuters) - Sri Lankan stocks slipped on Monday in thin trading on worries over corporate earnings after a gasoline price increase raised concerns over inflationary pressures.

The Colombo Stock Exchange's main index dipped 0.35 percent or 19.21 points to close at 5,503.51.

'The fuel price hike hit a lacklustre market already in a holiday mood,' said a stock broker asking not to be identified.

Government and central bank officials have said the move to raise gasoline prices by 6.7 percent on Saturday will have no inflationary impact.

The central bank's surprise 25-basis point rate cut to support growth last week boosted the bourse 2.4 percent over two sessions.

Turnover on Monday stood at 532.87 million rupees ($4.15 million). Foreign investors were net buyers of 102.5 million rupees worth of shares, extending the net foreign buying so far this year to 36.69 billion rupees.

The rupee closed weaker at 128.70/80 to the dollar compared with Friday's close of 128.60/70 on importer demand for dollars, dealers said.

($1 = 128.5500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Ron Popeski)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2012/12/17/3119169.htm

Slstock

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"on worries over corporate earnings after a gasoline price increase raised concerns over inflationary pressures"

So people sold bank, manufacturing, hotel shares all due to that. Just over a petrol hike that has no imediate effect. .

Amazing how these people find reasons for market ups and down.
How do they know the reason. Just guess.

Why not further profit taking as a reason.

Light of Hope

Light of Hope

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Absolutely. who are these jokers... obvious reasons to stay unnamed

slstock wrote:"on worries over corporate earnings after a gasoline price increase raised concerns over inflationary pressures"

So people sold bank, manufacturing, hotel shares all due to that. Just over a petrol hike that has no imediate effect. .

Amazing how these people find reasons for market ups and down.
How do they know the reason. Just guess.

Why not further profit taking as a reason.

sahan8896

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I'm loving these joker reasons.Better find some reasons for each day this year because most of them will be red.

traderathome

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slstock wrote:"on worries over corporate earnings after a gasoline price increase raised concerns over inflationary pressures"

So people sold bank, manufacturing, hotel shares all due to that. Just over a petrol hike that has no imediate effect. .

Amazing how these people find reasons for market ups and down.
How do they know the reason. Just guess.

Why not further profit taking as a reason.

these comments by reuters/bloomberg seem to be on general....so i tend to disregard...thats why TA is better for me to interpret ups and downs...(volatility) in a market ....i know most wont agree with me.....but a fact that we tend to sum up that these are reflected and everything what you need to see is there on charts Shocked

I think we will gradually see the CSE market movements will give more weightage onto technicals in time to come.when the liquidity increases from average levels this will show up.....

TAH

traderathome

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sahan8896 wrote:I'm loving these joker reasons.Better find some reasons for each day this year because most of them will be red.

i could find another reason for the reuters....how about big traders staying away for year end holidays .....which is pushing the prices /index down farao

TAH

nimantha80

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traderathome wrote:

sahan8896 wrote:I'm loving these joker reasons.Better find some reasons for each day this year because most of them will be red.

i could find another reason for the reuters....how about big traders staying away for year end holidays .....which is pushing the prices /index down

TAH

No,force selling will be the word in coming weeks.Red ahead.Time to stop the vehicle and wait for the green light. Wink

sriranga · 8 Negative start at Bourse in new week Tue Dec 18, 2012 12:27 am

sriranga

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The Colombo stock market yesterday opened the week on a negative note, with the main market indices sliding further.

SC Securities said the benchmark index, the All Share Price Index (ASPI), dropped 0.35% (19.21 points) over last Friday’s close and ended the day at 5,503.51 points, whilst the Milanka Price Index (MPI) shed 0.66% (33.30 points) to end at 5,011.90 points. The S&P SL 20 Index (S&P) closed the day at 3,009.44 points losing 0.44% (13.35 points).Market turnover for the day was Rs. 532.88 million. Lanka Securities said indices closed in negative territory as losses on many blue chips didn’t help the cause. “Retail participation was subdued ahead of the seasonal spending period,” it added. The top five turnover generators for the day were Environmental Resources Investments Plc (GREG), Chevron Lubricants Lanka Plc (LLUB), Commercial Bank of Ceylon Plc (COMB), Asiri Surgical Hospital Plc (AMSL), and Ceylon Tobacco Company Plc (CTC).

The top five turnover contributors accounted for around 79% of the total market turnover.
Notable gainers for the day were Namunukula Plantations up by 12.2% to close at Rs. 79.80, Blue Diamonds non-voting up by 5.9% to close at Rs. 1.80, and Seylan Bank up by 2.5% to close at Rs. 57.

Notable losers for the day were Softlogic Finance down by 6.6% to close at Rs. 24, Hemas Holdings down by 3.7% to close at Rs. 26, and E-Channeling down by 3.5% to close at Rs. 5.50.

GREG was the highest turnover generator for the day as the counter witnessed a solitary off the floor block trade during the day. A volume of 13.46 million shares traded at a price of Rs. 15, generating a turnover of Rs. 201.93 million. The counter traded at a low of Rs. 14.40 and a high of Rs. 15.10 before ending the day at Rs. 14.50, down by 3.33% over Friday.

LLUB generated a total turnover of Rs. 109.24 million over a volume of 546,000 shares, out of which a 251,000 shares changed hands through a crossing at a price of Rs. 200 each. The counter ended the day at Rs. 199.90, up by 1.2% or Rs. 2.40.

COMB was associated with three off the market trades at a uniform price of Rs. 102, generating a turnover of Rs. 76.48 million. COMB traded at a low of Rs. 101.20 and a high of Rs. 103.60 before closing at Rs. 101.40.

Foreigners ended the day as net buyers with foreign purchases worth of Rs. 397.48 million against foreign sales worth of Rs. 295.02 million, resulting in a net inflow of Rs. 102.46 million.
http://www.ft.lk/2012/12/18/negative-start-at-bourse-in-new-week/

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Sri Lankan bourse dips on earning woes after fuel price hike

1 Sri Lankan bourse dips on earning woes after fuel price hike Mon Dec 17, 2012 5:46 pm

sriranga

2 Re: Sri Lankan bourse dips on earning woes after fuel price hike Mon Dec 17, 2012 6:19 pm

Slstock

3 Re: Sri Lankan bourse dips on earning woes after fuel price hike Mon Dec 17, 2012 7:03 pm

Light of Hope

4 Re: Sri Lankan bourse dips on earning woes after fuel price hike Mon Dec 17, 2012 7:19 pm

sahan8896

5 Re: Sri Lankan bourse dips on earning woes after fuel price hike Mon Dec 17, 2012 7:31 pm

traderathome

6 Re: Sri Lankan bourse dips on earning woes after fuel price hike Mon Dec 17, 2012 7:33 pm

traderathome

7 Re: Sri Lankan bourse dips on earning woes after fuel price hike Mon Dec 17, 2012 9:19 pm

nimantha80

8 Negative start at Bourse in new week Tue Dec 18, 2012 12:27 am

sriranga

9 Re: Sri Lankan bourse dips on earning woes after fuel price hike

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